As a student-athlete, the landscape of college sports is evolving rapidly, and with it comes exciting opportunities to monetize your name, image, and likeness (“NIL”). Understanding how to navigate these opportunities can be complex, which is why many athletes may consider enlisting the help of an agent. However, the choice of agent is crucial — opting for a qualified attorney rather than a family friend, coach, or relative can make a significant difference in the success of your NIL ventures. Here are several reasons why having an attorney as your agent is the best decision for your NIL opportunities.

1. Legal Expertise and Knowledge

Advising student-athletes on NIL requires a deep understanding of both contract law and the rapidly changing regulations around NIL. An attorney specializing in contract law possesses the necessary legal expertise to:

• Draft, Review, and Interpret Complex Contracts: NIL agreements can be intricate, with various clauses and provisions that may not be readily understood by those without legal training. An attorney can review and negotiate contracts to ensure that you’re protected and that the terms align with your best interests.
• Understand Regulatory Compliance: Each state has its own laws regarding NIL, and institutions may have specific regulations. An attorney can help you navigate these rules to avoid any potential pitfalls that could jeopardize your eligibility.
• Provide Legal Advice on Demand: Whether it’s entering new NIL agreements or handling disputes with a prior agreement, an attorney can ensure you understand the legal circumstances and are comfortable with the path forward. 
• Share Updates on Legislation: As NIL laws evolve, an attorney provides you with updates on the legislative landscape that may affect your rights or opportunities.

2. Protecting Your Interests

When dealing with NIL opportunities, it’s essential to have someone who prioritizes your interests, particularly when:

• Valuation Guidance: A crucial role is helping you secure fair compensation from sponsors by leveraging industry expertise and negotiation skills.  Understanding the market value of a student-athlete is essential for ensuring that you receive fair compensation for their endorsements and partnerships. An attorney can do a thorough market research to assess comparable deals to establish a baseline for negotiations to justify compensation that aligns with our student-athlete clients’ value.
• Managing Conflicts of Interest: Family, friends, coaches, and relatives may have personal biases and relationships that can conflict with your career goals. Hiring an attorney ensures that your agent is focused solely on your success, without any conflicting loyalties.
• Defending Against Potential Pitfalls: An attorney will advocate for your entitled compensation and terms while ensuring you’re not taken advantage of by sponsors or third parties. This protection is vital in a landscape where financial stakes can be high.
• Avoiding Pay-for-Play Scenarios: While pay-for-play sounds great, these agreements are not permissible and could jeopardize your eligibility.

3. Professional Networking

Experienced attorneys often have established relationships within the sports industry, which can be invaluable when exploring NIL opportunities. They can:

• Connect You with Reputable Sponsors: An attorney’s network may include businesses and agencies that understand the value of your brand and can offer legitimate and beneficial endorsements.
• Facilitate Marketing and Brand Development: Legal representation can open doors for additional partnerships and collaborations that a family friend or coach may not have access to.

4. Objective Representation

Navigating the excitement and stress of NIL opportunities can be overwhelming. An attorney can provide objective, unbiased advice by:

• Offering a Sounding Board for Decision-Making: An attorney can help you assess various opportunities based on facts, legal implications, and long-term effects, rather than emotional attachments or personal relationships.
• Guiding in High-Pressure Situations: When pressures arise — whether from sponsors, coaches, or peers — your attorney remains a steady advocate focused on your best interests, rather than friends or family who may not have experience in high-stakes negotiations.

5. Comprehensive Support Beyond Contract Negotiation

Hiring an attorney as your agent provides a range of additional benefits, such as:

• Tax Compliance: NIL earnings are considered taxable income, and understanding the associated tax responsibilities is crucial. 
• Financial Advising: Although attorneys are not financial advisors, attorney have to calculate damages in litigation, so are experienced in financial concepts like net present value of money, deferred payments, ownership/equity interest, etc., which are crucial considerations when negotiating NIL partnerships and agreements.

Conclusion

As a student-athlete, you are entering a new and exciting chapter that involves marketing your name, image, and likeness. Choosing the right agent is a pivotal decision that can greatly influence your success. While family, friends, coaches, or relatives may have good intentions, hiring an attorney as your agent ensures that you receive dedicated, expert advice tailored to your unique situation. 

In sports, you have coaches and mentors to assist you through complex situations. In business, like NIL agreements, if you need assistance or counsel, Steven Krieger Law would be delighted to discuss partnering with you and your team to help you maximize your potential.